Guilford County
File #: 2021-412    Version: 1 Name:
Type: Budget Amendment Status: Passed
File created: 10/6/2021 In control: Board of Commissioners
On agenda: 10/7/2021 Final action: 10/7/2021
Title: AMENDMENT TO ESCROW DEPOSIT AGREEMENT - GUILFORD SERIES 2017 GO REFUND BONDS
Attachments: 1. Amendment to Escrow Agreement-Guilford 2017 GO Refund Bonds
Related files: 2017-362
Date Ver.Action ByActionResultAction DetailsMeeting DetailsVideo
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TITLE

Title

AMENDMENT TO ESCROW DEPOSIT AGREEMENT - GUILFORD SERIES 2017 GO REFUND BONDS

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SPONSOR

Sponsor

Derrick Bennett

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BACKGROUND

Background

In October 2017, the County entered into an escrow agreement for Series 2017 General Obligation (GO) Refund bonds.  The agreement required the purchase of State and Local Government Securities (SLGS) from the US Treasury to offset interest.  The purchase of SLGS was suspended by the Treasury Department, which caused the funds to remain in cash and increased the County's estimated liability between a range of $46,000 through $190,000.  The County is amending the Escrow Agreement to mitigate expected cost through the purchase of other suitable obligations in the open market.    

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BUDGET IMPACT

Budget Impact

NO ADDITIONAL COUNTY FUNDS REQUIRED

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REQUESTED ACTION

Requested Action

Approve amendment to escrow agreement allowing the purchase of Substitute Defeasance Obligations as part of the escrow agreement for Guilford 2017 General Obligation (GO) Refund Bonds.

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